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congress has the constitutional authority to set our debt ceiling and has agreed to raise it. watch for a big fight as republicans try to institute some sort of fiscal sense that democrats resist. the big events, but there is another one that happened today that congress did not pass a resolution to recognize that happened. you probably already know about it. the payroll tax has expired, and if you et your first paycheck today says the fiscal cliff, well, watch out. you may be shocked by then nearly 50% increase in the tax. the social security withholding tax reset. for middle-class american families earning $50,000, that means at least in $800,000 tax hike, maybe as much as a thousand bucks. if thi is the first shot of about, it's not going over too well. here's what people are saying on twitter. if you're asking why my pacheck is less this week, is because you got what you asked for. on it. why is my pacheck bless thi we? because obama loves to penalize the makers and redistribute to the takers. it gets worse. on and on andon. my prediction here is there is no attempt to cur
congress has the constitutional authority to set our debt ceiling and has agreed to raise it. watch for a big fight as republicans try to institute some sort of fiscal sense that democrats resist. the big events, but there is another one that happened today that congress did not pass a resolution to recognize that happened. you probably already know about it. the payroll tax has expired, and if you et your first paycheck today says the fiscal cliff, well, watch out. you may be shocked by then...
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congress has always raised the debt ceiling. only how have they fought the white house. well, it's for debt that the congress has incurred. it has to go up. the idea that this 3 trillion-dollar county could get them back the debt ceiling on a technicality is something that makes sense. >> cenk: so it's an absurd idea. understand first of all if they're not going to put it into circulation. if they put it in circulation then they would have inflation. but if they're not going to put it in circulation then what is. this all about? i guess it's the technicality to say technically we still have money. but if you had to actually use it. >> it means that they don't have to issue t-bills or auction off treasury bill. and the other side of this coin--literally--that was quite an accident. it would show how silly this is. >> cenk: the new york federal reserve, the main organization, is run by the top banks. we have given out our most important power to private corporations that then shockingly enough when bush comes to shove give it to themselves. wow, i didn't see that coming. i
congress has always raised the debt ceiling. only how have they fought the white house. well, it's for debt that the congress has incurred. it has to go up. the idea that this 3 trillion-dollar county could get them back the debt ceiling on a technicality is something that makes sense. >> cenk: so it's an absurd idea. understand first of all if they're not going to put it into circulation. if they put it in circulation then they would have inflation. but if they're not going to put it in...
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the reality is going to be that we're going to have to raise the debt ceiling. it's going to cost us more money. we're going to go into debt more , and that's going to cause a ripple effect internationally in globally. decrease our debt rating, maybe double-a-2 and a. neil: side of the keys as will blink. the last downgrade the world went merrily on. what will it take? >> that such a good point. not only go merrily on, but the dollar actually got stronger after the downgrade because it created a lot of uncertainty. you know what, there's a point at which everything changes. all of a sudden people realized, these guys really cannot get their act together. neil: a handle on your head. >> i know that. sometimes it takes that. you know, my guess is you're going to get a downgrade. i don't see how these guys get together. neil: my guess is it has no effect. >> i bet you a nickel it does have an effect. the dollar, this one doesn't have an effect, the next one, and i think this country needs a crisis. i think the crisis will be the dollar becomes trash and inflation h
the reality is going to be that we're going to have to raise the debt ceiling. it's going to cost us more money. we're going to go into debt more , and that's going to cause a ripple effect internationally in globally. decrease our debt rating, maybe double-a-2 and a. neil: side of the keys as will blink. the last downgrade the world went merrily on. what will it take? >> that such a good point. not only go merrily on, but the dollar actually got stronger after the downgrade because it...
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and said earlier he's not going to negotiate raising the debt ceiling with congress. we have to get this done and that the country has to pay its bills and i totally agree we should not default on our bills, jamie. we can't keep raising the debt ceiling and kicking the can down the road. the president said if we don't pay our bills it's going to be catastrophic for the global economy, if we don't balance the budget and stop this spending in washington d.c., that's going to be more c catastroph catastrophic, if washington d.c. doesn't work together-- >> angela, we've had that conversation for two years now, working together and mary anne we're at a point where something's going to have to be done. and even with the new taxes every american pitching in, we can't cover our debts. first of all, what do you think the chances are that the president will do that and what if our country gets downgraded again? what will that mean for the administration? mary anne? >> that can't happen. that can't happen and it's clear that the the president's going to do everything he can and
and said earlier he's not going to negotiate raising the debt ceiling with congress. we have to get this done and that the country has to pay its bills and i totally agree we should not default on our bills, jamie. we can't keep raising the debt ceiling and kicking the can down the road. the president said if we don't pay our bills it's going to be catastrophic for the global economy, if we don't balance the budget and stop this spending in washington d.c., that's going to be more c catastroph...
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the budget and about the debt ceiling. he was very involved in 2011. he's obviously been very involved the last couple of months. if he leaves, i think we could -- it really depends who takes over for him. but i think we're -- i think we're looking at a lot of big issues to face before march and so it's really going to come down to who that person is that takes over. >> yeah, certainly. have to talk a little bit of football because we always talk about the commercials and the super bowl and how much money they bring in. there are reports that it might have the ad sales looking a little less hot, sexy, if you will, this year. are you hearing anything about that? and if so, what's behind it? >> about ad sales? >> yeah. well, no. about the content of them. i mean, remember all the talk about how sexy they are and, look it, i mean, they are painting on naked bodies here and you have, you know, all that. i mean, is there anything to say about the tenor of these sales is changing? >> it certainly seems like it. i also think skin
the budget and about the debt ceiling. he was very involved in 2011. he's obviously been very involved the last couple of months. if he leaves, i think we could -- it really depends who takes over for him. but i think we're -- i think we're looking at a lot of big issues to face before march and so it's really going to come down to who that person is that takes over. >> yeah, certainly. have to talk a little bit of football because we always talk about the commercials and the super bowl...
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over the national debt ceiling but he wants congress to raise the debt limit. lawmakers threatened inaction on that and credited rating was downgraded. >> as i said earlier this week, one thing i won't compromise is congress should pay for a tab they already racked up. if congress refuses to give the ability to pay bills on time, global economy could be catastrophic. last time they threatened this action our entire economy suffered for it. >> katie: the republican response by michigan congressman dave kemp, it's i'm to identify responsible ways to tackle wasteful spending. >>> white house officials say president obama is expected to nominate chuck hagel of nebraska to be defense secretary. >> the scandal over hidden cash has taken a new turn with release of a scathing report. it turns out the money was hidden for more than 12 years. capitol core dental nannette miranda explains. >> 70 state parks were scheduled to shut down last summer because of budget shortfalls but just as the closures were about to happen a surplus of $54 million was found hidden in two of
over the national debt ceiling but he wants congress to raise the debt limit. lawmakers threatened inaction on that and credited rating was downgraded. >> as i said earlier this week, one thing i won't compromise is congress should pay for a tab they already racked up. if congress refuses to give the ability to pay bills on time, global economy could be catastrophic. last time they threatened this action our entire economy suffered for it. >> katie: the republican response by...
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don't use the debt ceiling as leverage. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses the ability for the united states to pay its bills on time, it could be cat strofk. kristen welker with the president in honolulu. it will be a big change of scenery when he gets back to washington. tell us some of the battles on the horizon for the president. >> reporter: hi, craig. good afternoon. there are three budget battles on the horizon. the one getting the most attention right now is the fight over the debt ceiling and the debt ceiling is like the nation's credit card. the nation has essentially maxed out at this point in time. so congress, the white house will have a bigeb
don't use the debt ceiling as leverage. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses the ability for the united states to pay its bills on time, it could be cat strofk. kristen welker with the president in honolulu. it will be a big change of scenery when he gets back to washington. tell us some of the battles on the horizon for the president. >> reporter: hi, craig. good afternoon....
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>> well, there is two, number one, the congress should have an up or down vote on a clean debt ceiling increase so that the american people can hold us accountable if we're not going to be willing to pay our bills, number one, number two -- >> and by cleaning, spending and other things? >> it doesn't include negotiations this way or that way, if we owe the money we pay our bills. and it is not a tactic to work your will in a tough taxing and spending negotiation. but the second one i think is actually more important, the reinstatement of the gephardt rule, and repealed essentially by newt gingrich, our earlier guest and commentator. and what that says, when congress voted on a budget, that includes say spending in iraq or afghanistan or tax cuts that president bush advocated, that by operation of accepting that budget the debt ceiling would be increased or decreased to accommodate the budget that congress voted for. so it takes out the hypocrsy, so the idea of defaulting on the bill can't be part of the equation. >> i spoke to minority leader nancy pelosi, she says in the white house s
>> well, there is two, number one, the congress should have an up or down vote on a clean debt ceiling increase so that the american people can hold us accountable if we're not going to be willing to pay our bills, number one, number two -- >> and by cleaning, spending and other things? >> it doesn't include negotiations this way or that way, if we owe the money we pay our bills. and it is not a tactic to work your will in a tough taxing and spending negotiation. but the...
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you have the federal deficit, spending cuts, debt ceiling. if the last congress had so many challenges producing a bill to avoid the fiscal cliff do you think this congress will be more productive and if so why? >> you know, i think that remains to be seen. i think that, again, that congressmen need to hear from their constituents and people need to know that, hey, we sent you guys up there to get to work. we mean business. stop all of the partisan bickering. of course, republicans and democrats are always going to have differences on issues. but things of this nature that could cause economic catastrophe, those sorts of things, we should be able to work a lot easier on and that's why i'm up here. i want to work with my republican colleagues. i've reached out to all of my republican colleagues in the north texas area to let them know i want to work with them and i will continue to reach across the aisle, all across the congress working with republicans because i know that it is very important that we do a better job of working together. >> i
you have the federal deficit, spending cuts, debt ceiling. if the last congress had so many challenges producing a bill to avoid the fiscal cliff do you think this congress will be more productive and if so why? >> you know, i think that remains to be seen. i think that, again, that congressmen need to hear from their constituents and people need to know that, hey, we sent you guys up there to get to work. we mean business. stop all of the partisan bickering. of course, republicans and...
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>> well, there is two, number one, the congress should have an up or down vote on a clean debt ceiling increase so that the american people can hold us accountable if we're not going to be willing to pay our bills, number one, number two -- >> and by cleaning, spending and other things? >> it doesn't include negotiations this way or that way, if we owe the money we pay our bills. and it is not a tactic to work your will in a tough taxing and spending negotiation. but the second one i think is actually more important, the reinstatement of the gephardt rule, and repealed essentially by newt gingrich, our earlier guest and commentator. and what that says, when congress voted on a budget, that includes say spending in iraq or afghanistan or tax cuts that president bush advocated, that by operation of accepting that budget the debt ceiling would be increased or decreased to accommodate the budget that congress voted for. so it takes out the hypocrsy, so the idea of defaulting on the bill can't be part of the equation. >> i spoke to minority leader nancy pelosi, she says in the white house s
>> well, there is two, number one, the congress should have an up or down vote on a clean debt ceiling increase so that the american people can hold us accountable if we're not going to be willing to pay our bills, number one, number two -- >> and by cleaning, spending and other things? >> it doesn't include negotiations this way or that way, if we owe the money we pay our bills. and it is not a tactic to work your will in a tough taxing and spending negotiation. but the...
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and that includes making sure that congress lives the federal debt ceiling. >> the last time congress threatened this the whole economy suffered. our families and businesses cannot afford this. >> the nation's credit rating was downgraded last year when lawmakers threatened in action on the debt ceiling. on the republican side, representative dave camp from michigan set america's credit cards are maxed out. he stated that there is no money in the bank, so we have to stop spending. >> we do have rain on the rway it will also increase throughout the day. in the north bay it will grow more into the evening. satellite and radar shows there is a cold front approaching. it will push its way into our area in the afternoon. by 1:00 p.m. it will make its way to santa rosa. off by 3:00 p.m. it will cross over the golden gate bridge. by 6:00 p.m. it will increase in intensity. it will be moderate the downpours and the heaviest rain will push them by 7:00 p.m.. by about 11:00 p.m. we still will be bill wet weather. it was still be showers along the san mateo) coast. >> it is mid 30's and santa ro
and that includes making sure that congress lives the federal debt ceiling. >> the last time congress threatened this the whole economy suffered. our families and businesses cannot afford this. >> the nation's credit rating was downgraded last year when lawmakers threatened in action on the debt ceiling. on the republican side, representative dave camp from michigan set america's credit cards are maxed out. he stated that there is no money in the bank, so we have to stop spending....
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next up - the debate over the debt ceiling. republicans say they don't even want to talk about it, until president obama is ready to start talking about spending cuts. but as brian todd reports, the president could get the money he needs to keep the government running, without any help from capitol hill. >> the president says that he will not to negotiate with congress over lifting the debt ceiling. >> will not play that game. >> the president might not want to have this debate but he is going to have because this is what the country needs it. >> is there a magic bullet to solve the crisis? " what a magic going. some legal scholars are suggesting a one trillion dollar platinum coin you could be minted. if they could use that to pave the debt. to pay the debt-- and it sounds silly but it is absolutely illegal. >> why do think that it is a a? >> i think that it is better than a government shutdown or the bad alternatives. >> technically it appears to be legal. the u.s. government print money but how much paper can be in circulati
next up - the debate over the debt ceiling. republicans say they don't even want to talk about it, until president obama is ready to start talking about spending cuts. but as brian todd reports, the president could get the money he needs to keep the government running, without any help from capitol hill. >> the president says that he will not to negotiate with congress over lifting the debt ceiling. >> will not play that game. >> the president might not want to have this...
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over the national debt ceiling. but he repeated his insistence that congress must raise the debt limit to pay for the debt they already created. when lawmakers threatened inaction on that last year, the nation's credit rating was downgraded. >> as i said earlier this week, one thing i i will not compromise over is whether or not congress should pay for the bill they have already racked up. if congress refuses to give the united states the ability to pay their bills on time the consequences for the entire global economy could be catastrophic. last time they threatened this action our entire economy suffered for t our families and our businesses can't afford that dangerous game again. >>> the republican response by michigan congressman dave camp said it's time to identify responsible ways to tackle washington's wasteful spending. he says america's credit cards are maxed out and there's no money in the bank account so the spending must stop. >>> and president obama is expected to nominate former republican senator chuc
over the national debt ceiling. but he repeated his insistence that congress must raise the debt limit to pay for the debt they already created. when lawmakers threatened inaction on that last year, the nation's credit rating was downgraded. >> as i said earlier this week, one thing i i will not compromise over is whether or not congress should pay for the bill they have already racked up. if congress refuses to give the united states the ability to pay their bills on time the...
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now congress is getting warmed up to battle it out over the budget and how to solve the debt ceiling crisis. one congressman think s mintinga $1 trillion coin can save the day. here is brian todd with that. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate but it's the one he's going to have because the country needs it. >> reporter: while they debate over the debate, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt ceiling crisis. gerald nadler of new york says i'm being absolutely serious. it sounds silly but it's absolutely legal. why do you think it's a good idea right now? >> it's better than government shutdown. it's better than defaulting on the debt. it's better than the bad alternatives. >> reporter: techn
now congress is getting warmed up to battle it out over the budget and how to solve the debt ceiling crisis. one congressman think s mintinga $1 trillion coin can save the day. here is brian todd with that. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate but it's the one he's going to have because the country...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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but february or early march, congress will have to vote on raising the debt ceiling, and the differences are not resolved, the country could see a default on the national debt and another potential downgrade on u.s. credit rating. joining me now, judd gregg, co-chair on the campaign to fix the debt. senator greg, thank you for joining me. >> thank you for having me on. >> it's a new year, new congress, but has some old problems, the debt mainly. what will happen this time? >> well, you know, the congress and the president made two efforts here that have been fairly substantive. the 2011 effort reduced discretionary spending by $900 billion and a tax increase of $960 billion, but the big elephant has not been addressed, entitlement spending, that's driving our debt. we're running deficits of over a trillion dollars a year, even after the tax increase, so they will have to come back and address that. i hope they can do it in an orderly way, rather than what we do in recent years. the chances that seem to be slim, the congress and president don't seem to be able to work this out in an order
but february or early march, congress will have to vote on raising the debt ceiling, and the differences are not resolved, the country could see a default on the national debt and another potential downgrade on u.s. credit rating. joining me now, judd gregg, co-chair on the campaign to fix the debt. senator greg, thank you for joining me. >> thank you for having me on. >> it's a new year, new congress, but has some old problems, the debt mainly. what will happen this time? >>...
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. >>> the battle over the debt ceiling is just beginning. that's the self-imposed government borrowing limit imposed by congress. if the limit is not raised by late february or early march, the u.s. runs the risk of defoughting on its bills. close to $1 trill is needed to cover a year of borrowing. what's president obama's strategy? brian todd has the answer to the trillion-dollar question. >>. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate, but it's the one he's going to have, because the country needs it. >> reporter: so while they debate over a debate and raise head-long into the dead ceiling, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman, are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt kreeg crisis. democratic
. >>> the battle over the debt ceiling is just beginning. that's the self-imposed government borrowing limit imposed by congress. if the limit is not raised by late february or early march, the u.s. runs the risk of defoughting on its bills. close to $1 trill is needed to cover a year of borrowing. what's president obama's strategy? brian todd has the answer to the trillion-dollar question. >>. >> reporter: the president says he won't negotiate with congress over lifting...
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ceiling debate and all the bickering in congress so if some of this actually happened whose face should be put on the one trillion dollar platinum coin. i would have to say obama obviously why you're not going to say david and charles koch and i would definitely have to say obama because look you know with unfunded liabilities in medicare and social security our real debt is around seventy trillion dollars ok. you're question dr king martin luther king he did as much to change this country's any individual and he kept the country at peace at a time when the country was ready to blow up and he showed as much personal courage ok mark mark you're first i would say ron paul or reagan because i think they deserve a coin but they certainly don't want this one i don't know what ambassador art rooney. needs a coin if for no other reason that he's on the steelers ok thank you all for being with us the other vince stewart mark much i will be right there. let's say you're in your twenty's and just starting out in life and one day an insurance salesman walks up to your doorstep tote his briefcase w
ceiling debate and all the bickering in congress so if some of this actually happened whose face should be put on the one trillion dollar platinum coin. i would have to say obama obviously why you're not going to say david and charles koch and i would definitely have to say obama because look you know with unfunded liabilities in medicare and social security our real debt is around seventy trillion dollars ok. you're question dr king martin luther king he did as much to change this country's...
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president obama insist that is congress must lift the debt ceiling. the president said the nation's credit rating is at stake . the second bank robber recaptured after a prison break makes his first court appearance. he could face five years behind bars . mediator in the nhl labor fight is back. both sides have less than a week to end the lock out. recovery crews are preparing to move a drilling rig that ran aground in the remote alaska island. it was towed during a storm to seattle when it was separated from the tow lines. crews are gearing up to attempt to recover the rig. dominic is track from the la news room. >> hey, there. describing it as firm's agrounded drill ship on the rocky banks. on the islands that is just south and means seriously stuck and how to get it out of the water is a massive plan. it involved sea and air and land operations. the risk is more bad weather is coming in the area it could mean hostile conditions . today they flew in more crewing to fix the power on the rig. their lives are at risk in doing this. >> so many people in
president obama insist that is congress must lift the debt ceiling. the president said the nation's credit rating is at stake . the second bank robber recaptured after a prison break makes his first court appearance. he could face five years behind bars . mediator in the nhl labor fight is back. both sides have less than a week to end the lock out. recovery crews are preparing to move a drilling rig that ran aground in the remote alaska island. it was towed during a storm to seattle when it was...
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. >> jamie: do you think he could raise the debt ceiling without getting the consensus of congress? >> he has already done things that most cooling scholars is dubious. he made appointments in congress when congress was out of session but congress said it wasn't out of session. nancy pelosi the democratic leader of the house has said the president should do this and she'll back him up. if the president did that it might go to court. i don't think the courts would exercise injure diction on that. of course the president would do that. if the consequences are catastrophic as they claim, i don't think they will be, of course he'll do it. >> jamie: you talk about the republicans' approach of cutting spending in order to make this deal on raising the debt ceiling. is there any other choice than to cut spending? >> you can do three things without problems unless you wanted to become greece. you can cut spending, reduce the rate of spending that we have. you can raise taxes. we just did that or you can print monday and we have done a lot of that. those are three choices. >> jamie: what abo
. >> jamie: do you think he could raise the debt ceiling without getting the consensus of congress? >> he has already done things that most cooling scholars is dubious. he made appointments in congress when congress was out of session but congress said it wasn't out of session. nancy pelosi the democratic leader of the house has said the president should do this and she'll back him up. if the president did that it might go to court. i don't think the courts would exercise injure...
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with multiple budget crises ahead like the debt ceiling and automatic spending cuts, the continuing budget resolution, the people who watch capitol hill say the partisanship and brinkmanship will be as bitter as ever. cnn's national political correspondent jim acosta explains why. >> reporter: after surviving a failed coup led by his own members beleaguered house speaker john boehner wants to take the same fractured party into battle. in a closed door meeting with house republicans a source in the room tells cnn boehner said he will demand budget cuts larger than any increase in the nation's debt limit. with the fiscal cliff behind us boehner told his members the focus turns to spending. that puts republicans in congress back on the collision course with the white house after the president insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table one
with multiple budget crises ahead like the debt ceiling and automatic spending cuts, the continuing budget resolution, the people who watch capitol hill say the partisanship and brinkmanship will be as bitter as ever. cnn's national political correspondent jim acosta explains why. >> reporter: after surviving a failed coup led by his own members beleaguered house speaker john boehner wants to take the same fractured party into battle. in a closed door meeting with house republicans a...
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republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly -- with that behind us,
republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly --...
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debt ceiling on risk. the president says the debt limit needs to rise. republicans say the president isn't willing to cut spending he will get a debate whether he likes it or not. some are proposing using one trillion dollars to pay this year's budget deficit. those against the coin idea... mike quickly snagged an influential assignment in the new congress. he will be the only member from illinois to serve on that panel. in an attempt to reach a compromise on pension reform in illinois willing to back off a proposal that will shift pension costs for suburban in downstate teachers. quinn says that he hopes madigan ships on who pays the pension costs will lead to a breakthrough on a pension reform. quentin and legislative leaders are scheduled to meet tomorrow afternoon to discuss pension reform it's believed it's sometimes easier to pass it difficult legislation in this waiting days of the session. the head of chicago immunizations will talk to us on how it looks so far. a pilot arrested moments before his
debt ceiling on risk. the president says the debt limit needs to rise. republicans say the president isn't willing to cut spending he will get a debate whether he likes it or not. some are proposing using one trillion dollars to pay this year's budget deficit. those against the coin idea... mike quickly snagged an influential assignment in the new congress. he will be the only member from illinois to serve on that panel. in an attempt to reach a compromise on pension reform in illinois willing...
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the president used his weekly address to tell the nation raising the debt ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab fair bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> reporter: top advisers say the president will never again, as he did in 2011, get pulled into that debate. but republicans want a fight, tying the debt ceiling to spending cuts required by the fiscal cliff. >> we're crushing today's small business and the next generation of americans under a mountain of debt. >> reporter: they see an opening at the end of february when the debt limit, new $16.4 trillion, comes up as do mandatory spending cuts in the tebz of billions. >> it's time to face up to the fact our nation is in grave fiscal danger, grave fiscal danger, and it has everything to do with spending. >> reporter: with taxes raised now, republicans contend they own the spend
the president used his weekly address to tell the nation raising the debt ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab fair bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> reporter: top advisers say the president will never again, as he did...
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republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly -- with that behind us, newly reelected house speaker john boehner held his first closed door meeting with the 112th caucus to discuss this new year's resolution from president obama. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up through the laws that they passed. >> sources inside the morning's republican caucus meeting say boehner told his members he will again use the debt limit as leverage to cut spending. so here is tea
republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly --...
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as well as congress to production before we can have agreement to raise the debt ceiling. host: i could be the entire piece by eugene robinson, but i will share the first sentence. guest: it's clearly critical. i understand that solutions by nature are imperfect. but the reality is we have got to do these things that we are talking about. we need to do it in a thoughtful, open, transparent way, not. at the last not i think that is what he's referring to. when you do it up against these deadlines, a way to do business. we talked about it earlier. i hope that running into the deadline on the fiscal cliff is something that congress will take into account as we work on the debt ceiling agreement and that we can get it done before the deadline. remember, you have talked about how president obama, speaker boehner will approach these things, we've got to have people talking to each other and we've got to get to solutions before the 11th hour to avoid that. that is absolutely what we can do. host: we agreed to the debt ceiling limit, 16 $0.40 trillion -- $16.4 trillion, up in the
as well as congress to production before we can have agreement to raise the debt ceiling. host: i could be the entire piece by eugene robinson, but i will share the first sentence. guest: it's clearly critical. i understand that solutions by nature are imperfect. but the reality is we have got to do these things that we are talking about. we need to do it in a thoughtful, open, transparent way, not. at the last not i think that is what he's referring to. when you do it up against these...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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the problem they have now with the debt ceiling is this is again playing roulette. what they have to do is they have to have a caucus united on a simple demand. whatever it is, $1 in spending cuts for every $1 in debt increases, a balanced budget amendment, but something. they also made a tactical throw back. if they do not, they will get rolled. >> charles' advice is thoughtful, but when asked if they would accept $10 for $1, everyone said it was unacceptable. we are in a position where we'd like to take tough positions but we do not like to make tough calls. >> i think we will see something inherently different. i think the president is serious when he says he will not negotiate over the debt ceiling. he should not. this is something that is artificial. >> will the new congress make a difference? more women, more latinos, gays and lesbians. or african-americans, asians. will the makeup of congress make a difference? >> if anything, congress is more polarized because of redistricting. this is part of the problem. >> you do not see a ted cruz of texas and elizabeth
the problem they have now with the debt ceiling is this is again playing roulette. what they have to do is they have to have a caucus united on a simple demand. whatever it is, $1 in spending cuts for every $1 in debt increases, a balanced budget amendment, but something. they also made a tactical throw back. if they do not, they will get rolled. >> charles' advice is thoughtful, but when asked if they would accept $10 for $1, everyone said it was unacceptable. we are in a position where...
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the presiient says he onnt negotiate ith congress over liftiig the debt-ceiling. "i will not play that gamm!" republicans say: "the presideet maa not want to have phis debatee but it's the one he's gonna have - becauue the coontry needs it." so while they debate over a debate- ann &pbuulet to solvv the crrsis? 3 try a magic coin. some economists, legal scholars and now even a congressman are suggessing a 1-trillionndollar and he gooernment could use default and pre-empt the debt ceeling crisis. democratiic congressman jerrold adlerrof new york ays "i'm being absolutely serious... it absolutely legal." i spoke to you think it's a good idea do right now." "well i thiik it's better than aagovernmenn shut- down. it's better than ddfaulting on the debt. i mean &pit'' better than the bad alternaaives." ann technically it appeaas to be legal. here's how. "the uss money... but under law there's aalimii toohow much paper money can circulate at any onee that limit at least whaatee dennminations gold, silver and copper coins can be. bbt there ii no limit on platinum &pcoins.
the presiient says he onnt negotiate ith congress over liftiig the debt-ceiling. "i will not play that gamm!" republicans say: "the presideet maa not want to have phis debatee but it's the one he's gonna have - becauue the coontry needs it." so while they debate over a debate- ann &pbuulet to solvv the crrsis? 3 try a magic coin. some economists, legal scholars and now even a congressman are suggessing a 1-trillionndollar and he gooernment could use default and pre-empt...
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insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government." >> democrats warn, watch out. risking government shutdown, risking not raising the debt creeling is playing with fire. >> on this vote, the yays are 354, the nays are 67. >> reporter: a preview of that brinkmanship came in the house, where 67 republicans, including house budget chair paul ryan, voted against $9.7 billion in aid for victims of superstorm sandy. despite the tongue-lashing they got from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the storm relief is now up in the air until a vote late thermowas a letdown for new york and new jersey lawmakers. even the
insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government."...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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debt ceiling votes and take us to the brink of defeat once again, which is part of the negotiation, which by the way we never did in our history until we did it last year, i will not play that game. >> he says he wouldn't play that game. but republicans say they will only raise the debt ceiling if there is an equal amount of spending cuts together with the raising of the debt ceiling. he says he is not going to play that game. will he have any choice? >> look, that is the kind of brinksmanship i'm talking about. we should not negotiate on the full faith and credit of a u.s. government. that is crazy. why would we want to put our economy through that? but there are lots of things we can negotiate on. we do have a sequester, we do have the end of the continuing resolution. we have lots of things coming up that will force us to make some of the tough decisions. >> here is what mitch mcconnell wrote on yahoo! news. i'll read about it, he is going after the president. he is the republican leader in the senate. predictably the president is claiming already that his tax hike on the rich is
debt ceiling votes and take us to the brink of defeat once again, which is part of the negotiation, which by the way we never did in our history until we did it last year, i will not play that game. >> he says he wouldn't play that game. but republicans say they will only raise the debt ceiling if there is an equal amount of spending cuts together with the raising of the debt ceiling. he says he is not going to play that game. will he have any choice? >> look, that is the kind of...
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the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government spends. the current debt ceiling was officially hit on december 31st, but like last time the u.s. treasury is using extraordinary measures to get it through. and sometime about late february or early march, they might. if congress doesn't act by then, the government risks not being able to pay some of its bills. now, as if that's not enough, by march 1st we could be heading off the sequester cliff. that's because the fiscal cliff deal that passed last week put off what to do with government spending for two months. blanket cuts are still mandated by
the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government...
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the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he is taking a hard line on the issue. >> one thing i will not compromise over is whether or not congress should pay the tab for the bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. last time congress threatened this course of action, our entire economy suffered for it. our families and our businesses cannot afford that dangerous game again. >> as you would expect, republicans are also drawing a line despite approving the fiscal cliff compromise. gop lawmakers say it was missing something monumental -- long-term spending cuts. here's a clip of their weekly address. >> the simple truth is that we are in this fiscal mess because washington takes too much of your money and then waists it -- then wastes it. that's the real problem and needs a real solution. we have to make sure washington is accountable for every
the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he is taking a hard line on the issue. >> one thing i will not compromise over is whether or not congress should pay the tab for the bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. last time congress threatened this course of action, our entire...
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you heard him preview this argument that if the nation does not increase its debt ceiling and if this becomes a long, drawn-out battle like the one we saw back in 2011, the economy will suffer greatly for it. so the battle lines are getting drawn, craig. get ready for another big washington with, knockdown, drag-out fight. it sounds like it will be debt ceiling before immigration. >> well, i wouldn't say that. i have been talking to my sources here who say that the president is still very focused on his second term agenda which includes immigration reform and enacting stiffer gun control laws and also some new energy policies in terms of the timeline, the white house is still working all of that out, but they say that the president is determined not to have these budget battles derail or side line his other policy goals. a lot of analysts are looking at the situation and saying it's tough to do that and there are more budget battles that are on the horizon that will take up a lot of time and public attention and consumption. >> kristen welker. honolulu. kristen, thank you so much. we'
you heard him preview this argument that if the nation does not increase its debt ceiling and if this becomes a long, drawn-out battle like the one we saw back in 2011, the economy will suffer greatly for it. so the battle lines are getting drawn, craig. get ready for another big washington with, knockdown, drag-out fight. it sounds like it will be debt ceiling before immigration. >> well, i wouldn't say that. i have been talking to my sources here who say that the president is still very...
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ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts. insiders on capitol hill have been told to prepare for chuck hag hagel's nomination for defense secretary. at the same time, a white house spokesperson says the president has not made a final decision yet. congress passed a hurricane sandy relief bill that provides 9.7 billion to the national flood insurance program, nearly out of money, republican leadership took heat from both parties. the house is set to vote on additional sandy aid. worth nearly $52 billion on january 15th. the senate is recessed until the 21st. >>> president obama and the fi
ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts....
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the debt ceiling debate, not the east of these. you want to buy, but if we actually have real press pressure where the republicans in congress, you could see reductions in spending. that in turn could put pressure on the precious metals. i think that's one point. another point, silver is looking a bit pricey relative to gold. there's usually a relationship close to 60 times. right now we're stretched in that standpoint. i think if we could see it normalize to where gold s that's a 6% pullback as well. the other thing, the long-term chart shows you how cheap options are. >> he's buying a put. let's open the playbook because it's good to see how it works. when you buy a put, you want the stock to go down by more than the cost of the trade. that's where you see profits. above that level, you'll see losses. >> march 28 puts cost 85 cents, buy outright, look for opportunities to spread them. you had the fed telling you they might be running back qe, good time to be bearish in silver. i wouldn't look to spread it until you got a move. ju
the debt ceiling debate, not the east of these. you want to buy, but if we actually have real press pressure where the republicans in congress, you could see reductions in spending. that in turn could put pressure on the precious metals. i think that's one point. another point, silver is looking a bit pricey relative to gold. there's usually a relationship close to 60 times. right now we're stretched in that standpoint. i think if we could see it normalize to where gold s that's a 6% pullback...
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ceiling. what did we do? >> well, congresswoman, the reason i laughed and had to stop in the middle of the mcconnell quote is that the idea that the debt or the so-called spiraling debt is the fundamental pre-eminent issue facing us, and if that is the sort of the line in the sand for the 113th, it sounds like you are going to have a hard time getting these o other things addressed if in fact, the narrative is always going to be about debt and spending in some way. >> well, what we have seen is that most americans do see that debt is a concern, and they may not understand all of the details, but they know in their own lives that when they have debt, they are in trouble, and we have to acknowledge it honestly and that there is a problem and acknowledge that the way to solve it is not just to raise taxes or cut spending. sometimes the republicans will say no new taxes and democrats say no cut in spending. so we have to find a middle ground and do it. what we didn't see from the deal that came ou
ceiling. what did we do? >> well, congresswoman, the reason i laughed and had to stop in the middle of the mcconnell quote is that the idea that the debt or the so-called spiraling debt is the fundamental pre-eminent issue facing us, and if that is the sort of the line in the sand for the 113th, it sounds like you are going to have a hard time getting these o other things addressed if in fact, the narrative is always going to be about debt and spending in some way. >> well, what we...
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cuts and the debt ceiling. we'll talk to a republican congressman who actually supported the fiscal cliff deal and find out how he thinks the other deals are going to get done. >>> when it's okay to alter the historical accuracy of an official photograph. apparently when it's very cold outside. passengers on board a flight from iceland to new york find a unique way to stop an unruly passenger. we'll tell you what they did in a moment. the boys use capital one venture miles for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. is a fantastic experience. 30 shrimp for $11.99. i can't imagine anything better. you're getting a ton of shrimp, and it tastes really good! [ male announcer ] hurry i
cuts and the debt ceiling. we'll talk to a republican congressman who actually supported the fiscal cliff deal and find out how he thinks the other deals are going to get done. >>> when it's okay to alter the historical accuracy of an official photograph. apparently when it's very cold outside. passengers on board a flight from iceland to new york find a unique way to stop an unruly passenger. we'll tell you what they did in a moment. the boys use capital one venture miles for their...
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ceiling. >> yeah. >> the difference between compromise versus capitulation, part of the, no question, there will be additional compromise but the hard ball fight will be around the debt ceiling and specifically the entitlement reforms that republicans seek with social security and medicare. and the challenge for the president is he willing to play hard ball. since the republicans know right now no other way to play politics. >> i talked to a congressman, from oklahoma, he said that republicans and democrats literally rarely even talk to each other. i want you to take a listen here and we will talk about it on the other side. >> well, what we need to do is drop the label of republican and democrat, do what is best for the country, because we were sent there to represent the people not our party. >> and he goes on to talk about at orientation how they are on separate buses. i mean, it really does sound kwies silly, robert costa. >> it's very easy to the wagon your finger at the political process. but the fiscal cliff has a lot of positive lessons, there are few of them right now, but o
ceiling. >> yeah. >> the difference between compromise versus capitulation, part of the, no question, there will be additional compromise but the hard ball fight will be around the debt ceiling and specifically the entitlement reforms that republicans seek with social security and medicare. and the challenge for the president is he willing to play hard ball. since the republicans know right now no other way to play politics. >> i talked to a congressman, from oklahoma, he said...
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at the top of the list, the debt ceiling which is like the nation's credit card, and it's about to max out. emboldened by his recent tax hike victory, president obama drew a hard line in his weekly address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. >> reporter: house speaker john boehner who won re-election to the speakership this week -- [ applause ] >> reporter: told his conference he plans to use the debt limit as leverage to cut spending. in the republican address, representative dave camp echoed boehner. >> our national debt is now over $16 trillion. we're crushing today's small businesses, and the next generation of americans under a mountain of dead. >> reporter: if the fight sounds familiar, it is. during the summer of 2011, the country had its credit downgraded after the president and lawmakers had a bruising fight over the debt limit. on friday, cnbc's jim cramer told andrea mitchell the upcoming partisan battle could have an impact. >> look, first quarter could be d
at the top of the list, the debt ceiling which is like the nation's credit card, and it's about to max out. emboldened by his recent tax hike victory, president obama drew a hard line in his weekly address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. >> reporter: house speaker john boehner who won re-election to the speakership this week -- [ applause ] >> reporter:...